American Rescue Plan Act Means More Rental Assistance Funding
President Biden signed ARPA into law last Thursday (March 11, 2021) and that means that there will be another $21.55 billion in dedicated emergency rental assistance funding. That’s in addition to the $25 billion from ERA program, so that means that Congress has provided a total of $46.55 billion in dedicated emergency rental assistance this year.
Additionally, the new law does not extend the federal eviction moratorium, but that doesn’t mean that the CDC/administration won’t decide to extend it themselves.
One interesting provision of this law: the rental assistance funding does not have to be spent until 2027, which means that states/municipalities will be able to utilize it to offset some of the long-term effects of the pandemic on housing.
The National Apartment Association provides more details here.